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Submission: On September 01 via manual from SG
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Submission: On September 01 via manual from SG
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Please mark all your queries / responses to Information provided on this newsletter has been independently obtained from sources believed to be reliable. However, such information may include inaccuracies, errors or omissions. http://www.primeinfo1.com and its affiliates, information providers or content providers, shall have no liability to you or third parties for the accuracy, completeness, timeliness or correct sequencing of information available on this newsletter, or for any decision made or action taken by you in reliance upon such information, or for the delay or interruption of such information. http://www.primeinfo1.com, its affiliates, information providers and content providers shall have no liability for investment decisions or other actions taken or made by you based on the information provided on this newsletter. TOPIC 1: THE RIGHT AGE TO BUY HEALTH INSURANCE FOR YOURSELF You’d argue that while you are young, fit and fine why would you spend your money on a health insurance. Why do you have to take it now at the peak of your health? You couldn’t be more wrong and here’s why. 1)Waiting period - Some pre-existing diseases are not covered under your health insurance from day one. There is a waiting period of generally 4 years before which you shall not get them covered. So starting early is a better option. 2)Higher premium - The later you get a health plan, the higher your premium will be. Hence, there is a direct relation between your age and health insurance premium. Now you know what to do. 3)Cover cess: Most insurers have a minimum age entry for health insurance policies. If you cross that age you won’t be able to enjoy the benefits of health insurance plans. 4)Medical checkup - If you get a health insurance at an early age, insurers usually don’t enforce a medical checkup as compared to older people. 5)Comprehensive plan - If you get health insurance earlier in life you get to avail a lot of benefits from your comprehensive plan at a lower premium. 6)Lower coverage cost - Coverage costs increase with your age. When you are younger the possibility of having had surgery or any medical condition like diabetes or hypertension is lower. This helps in decreasing your coverage cost. On the contrary, if you decide to get a health plan when you already have a medical history, your premium increases. Hopefully, you now know what the wiser thing to do now is. Get a health cover in place as early as you can. TOPIC 2: PLANNING TO BUY HEALTH INSURANCE POLICY AMID COVID-19? KEEP THESE THINGS IN MIND COVID-19- a small virus that entered our lives over a year ago now changed the entire world order. It posted an unprecedented burden on medical infrastructure across the globe and for developing countries like India that battle was tougher. While the authorities tried to scale up state-sponsored health facilities to take on the virus, many coronavirus patients were forced to deal with heavy hospitals bills during their treatment. These sudden unplanned medical expenses inflicted a financial burden on many families that are still trying to get over it. Being prepared for unplanned medical expenses was one of the many lessons that this deadly virus taught us. It also showed us how important it was to have a health insurance policy that can come to our rescue in unplanned times like these. If you are someone who has been looking to buy a health policy for yourself or your family, here are things you should keep in mind while finalizing your decision. Age is one of the significant factors that determine your policy covers and cost, so if possible people should start buying health insurance from an early age which would help them get a better deal. Know your needs The most important thing that should be considered while buying a health insurance plan is your own requirement in terms of coverage limit and other benefits. Understand the coverage option Each health policy has its own benefits and limitation, so it’s very important to fully understand the plan in detail before making any final decision. Buyers must understand the offerings as to what is covered and what is not. Also, confirm whether the insurer provides coverage for COVID-19 or not. Background check of the Insurance company Do your research about the insurance company and study their past record in claim settlement. The buyer should also know about the average time taken by the company to settle claims whether it’s cashless or reimbursement. Compare plans Compare as many numbers of health insurance policy as possible before locking the one that’s best suited for you. This will allow you to get the best deal and save you money. Network of Hospitals Every insurance company gives a list of hospitals in their network where the insurance cover is applicable on a cashless basis. Buyers should go through this and check which nearby hospital would provide this facility before making any final call. TOPIC 3: CHANGES YOU NEED TO MAKE TO YOUR INSURANCE PLANS AFTER MARRIAGE One of the factors that you definitely need to focus on after your marriage is getting or modifying your health insurance to include spouse and secure your path ahead. After all, getting the right health insurance policy for your new family is a crucial part of your overall risk management. Some of the factors you need to consider while modifying your health insurance post marriage include: Compare Plans By Different Health Providers There are a number of insurance providers available in India today. Each of them offer plans with different benefits. You should first make sure to explore all your possible health insurance policy options, concentrating on those that offer cover for your spouse and future children. The easiest way to go about this is to go on insurance broking portals like Coverfox, that help you compare health insurance plans from over 40 insurance providers. Re-evaluate Your Existing Health Insurance Policy Your next step in this process should be to reevaluate your current health insurance policy. In case you are dependent on a health insurance plan provided by your employer, it may be time to shift to an individual health insurance plan or a family health insurance policy. It is important for you to evaluate the scope and extent of your existing policy and take the relevant steps to enhance it. You should also look into your spouse’s existing health insurance policy and make the required changes. Check Your And Your Partner’s Health Requirements After marriage you share everything with your spouse. That is why your health insurance policy’s benefits should also reflect the health requirements of both you and your spouse. You should evaluate both your requirements and adjust your health plan accordingly. Get a Family Health Insurance Plan If expanding your family is the plan, you should look into a family floater policy. With this you can add your spouse and other financially dependent members of your family such as elderly parents and future children. This type of health insurance policy covers the health requirements of your loved ones as part of a single plan. However, you can still consider of purchasing Individual Health Insurance Plan. You can also avail tax benefits under Section 80 D of the Income Tax Act. These are the most important factors you need to consider while buying health insurance after getting married. By doing so, you can show your commitment to take care of the health and well-being of your spouse and the future you will build TOPIC 4: HOW TO CHOOSE A SUITABLE LIFE INSURANCE PLAN FOR YOUR FAMILY? Life Insurance plans come with their own set of benefits that can differ from each insurance provider, but all of them offer a protective cover for your family. So, what is life insurance and how do you pick one that is most suitable for you? Let’s find out. Types of Life Insurance Plans for Your Family Life insurance plans provide a multitude of coverage. Some offer basic insurance coverage, while the more targeted ones can give you additional advantages like pensions, survival benefits, etc. Let’s take a look at the best types of life insurance plans for your family: Pension Policies As the name suggests, a pension policy is primarily for securing your financial future after you retire. This ensures that even when you retire, you can support your family financially, and can stay afloat on your own. Pension policies provide a monthly income based on the premiums paid, and ensure a quality life after your hay days of working. Your family can even avail the pension benefits after you pass away based on who you name as the policy’s beneficiary. Joint Life Insurance Policy This is one of the most preferred life insurance plans if you’re looking to invest in one for the sole purpose of your family. Under this type of policy, a couple can take a policy together. They do it under a single contract and ensure that you and your partner can stay financially secure in the event of one passing away. Money Back Policy These policies are the best ones if you want regular returns out of the scheme, and still, be sure that your family will get the full sum assured amount once you pass away. This scheme offers regular payments to the policyholder at defined intervals, which gives it its name “Money Back”. However, in the event of the policyholder’s death, while the policy is still in effect, the family gets the entire assured amount even when you might have received returns previously. Pick The Best Suited Insurance Plan Now Now that you’re aware of what is life insurance and the various types of life insurance plans for your family, you can pick the best-suited one out that serves your needs. Be careful and assess each insurance provider’s scheme before picking one, so that you can get the policy with the best coverage and returns. Please mark all your queries / responses to Information provided on this newsletter has been independently obtained from sources believed to be reliable. However, such information may include inaccuracies, errors or omissions. http://www.primeinfo1.com and its affiliates, information providers or content providers, shall have no liability to you or third parties for the accuracy, completeness, timeliness or correct sequencing of information available on this newsletter, or for any decision made or action taken by you in reliance upon such information, or for the delay or interruption of such information. http://www.primeinfo1.com, its affiliates, information providers and content providers shall have no liability for investment decisions or other actions taken or made by you based on the information provided on this newsletter.